Some cities are certainly more affordable than others, but in my experience they are also much less desirable.
I now live in a place an order of magnitude larger, but that really does not cut down on the time spent on basic shopping.
We will likely not see jobs move to less expensive areas in the US(or any other high wage country), in any meaningfully significant number, because those cheaper areas can never compete with cheaper countries overseas on cost.
Distributed teams across the US isnt much of a problem, but try working with people that have an 8 hour timezones difference and it's much more difficult.
Can someone say 'urban sprawl'?
Because your equity is now at the mercy of other people who you cannot control. No one wants to default on a mortgage.
Considering that many college students have two to four dormatory roommates, I don't see what's wrong with renting a small living as a young adult - provided that the living space itself is up to code.
Here's my stance:
Getting into a mortgage with roommates = bad.
Getting into a lease with roommates = no problem.
This is already a thing, it's called coffin cubicles or cage homes: https://www.theguardian.com/cities/gallery/2017/jun/07/boxed...
What I'm trying to say is: No, you should not lean towards this. You should lean towards jobs and opportunities spreading out over the country. To appeal to the HN population, instead of thinking in the binary thought of "SF (or some other tech hub) or fully remote!", consider another option: opening up smaller offices. Bring work where housing is affordable.